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Mexican Peso Posts Second Weekly Gain on Economic Optimism

July 24, 2009 at 20:53 by Jan Baros

Mexican PesoThe Mexican currency posted another week of gains versus its main trading partner’s currency, the U.S. dollar, as emergent-market currencies profited on higher confidence among traders.

Reports mainly in Europe this Friday indicating that the German business confidence improved, triggered speculations that the region may be soon out of recession, and consequently favoring emergent-market currencies worldwide, like the Mexican peso and the South African rand. Thanks to favorable reports, the Mexican peso finished a second week of gains versus the greenback.

USD/MXN traded at 13.2265 as of 19:47 GMT from 13.1975 yesterday.

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